Investment in the global energy industry supply chain rose by more than 15% in the last three months as the number of new oil, gas and renewable projects announced around the world increased by a third.
Downstream and power projects increased significantly over the third quarter of the year, with the number of new projects in the downstream sector almost doubling.
The shale gas boom in the US has helped fuel the rise, as investment in American fracking projects continues to reap dividends for energy industry firms.
The new figures from supply chain body the Energy Industry Council come following a survey of around 10,000 projects under development or proposed across the world in oil and gas, renewable and conventional power fields.
“Overall, figures this quarter indicate that the energy industry is performing well with a significant 33% rise in the number of new projects compared to the second quarter of 2013, along with a smaller increase in investment,” said the EIC’s chief executive Claire Miller.
“The downstream sector has fared particularly well as the shale gas boom continues to fuel a raft of petrochemical projects, and the power sector has benefited from plans for a major US$50 billion nuclear plant in South Africa.”
$130billion worth of projects were launched for the downstream sector in the third quarter of the year, compared to $105.5billion over the same period last year. Canada and the USA were the main beneficiaries, of investment, with the proposed $25billion Kitimat oil refinery for processing oil sands crude from Alberta a significant factor in the growth.
Increased renewables investment in the UK led to 148 new projects in the third quarter, worth $69.3billion globally. Offshore wind in Europe contributed heavily to that, with three projects announced off the coast of Germany and two for the Dogger Bank region off the coast of Yorkshire.
Elsewhere the nuclear industry was heavily boosted by plans for a $50billion nuclear plant in the Eastern Cape of South Africa, with India and Pakistan also growing investment in the sector.
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